Business Groups in Emerging Markets – Financial Control and Sequential Investment

Business groups in emerging markets perform better than unaffiliated firms. One explanation is that business groups substitute some functions of missing institutions, for example, enforcing contracts. We investigate this by setting up a model where firms within the business group are connected to each other by a vertical production structure and an internal capital market. Thus, the business group’s organizational mode and the financial structure allow a self-enforcing contract to be designed. Our model of a business group shows that only sequential investments can solve the ex post moral hazard problem. We also find that firms may prefer not to integrate.business groups, self-enforcing contract, institutions, internal capital market

Intelligent systems in manufacturing: current developments and future prospects

Global competition and rapidly changing customer requirements are demanding increasing changes in manufacturing environments. Enterprises are required to constantly redesign their products and continuously reconfigure their manufacturing systems. Traditional approaches to manufacturing systems do not fully satisfy this new situation. Many authors have proposed that artificial intelligence will bring the flexibility and efficiency needed by manufacturing systems. This paper is a review of artificial intelligence techniques used in manufacturing systems. The paper first defines the components of a simplified intelligent manufacturing systems (IMS), the different Artificial Intelligence (AI) techniques to be considered and then shows how these AI techniques are used for the components of IMS

Integrating labor awareness to energy-efficient production scheduling under real-time electricity pricing : an empirical study

With the penetration of smart grid into factories, energy-efficient production scheduling has emerged as a promising method for industrial demand response. It shifts flexible production loads to lower-priced periods to reduce energy cost for the same production task. However, the existing methods only focus on integrating energy awareness to conventional production scheduling models. They ignore the labor cost which is shift-based and follows an opposite trend of energy cost. For instance, the energy cost is lower during nights while the labor cost is higher. Therefore, this paper proposes a method for energy-efficient and labor-aware production scheduling at the unit process level. This integrated scheduling model is mathematically formulated. Besides the state-based energy model and genetic algorithm-based optimization, a continuous-time shift accumulation heuristic is proposed to synchronize power states and labor shifts. In a case study of a Belgian plastic bottle manufacturer, a set of empirical sensitivity analyses were performed to investigate the impact of energy and labor awareness, as well as the production-related factors that influence the economic performance of a schedule. Furthermore, the demonstration was performed in 9 large-scale test instances, which encompass the cases where energy cost is minor, moderate, and major compared to the joint energy and labor cost. The results have proven that the ignorance of labor in existing energy-efficient production scheduling studies increases the joint energy and labor cost, although the energy cost can be minimized. To achieve effective production cost reduction, energy and labor awareness are recommended to be jointly considered in production scheduling. (C) 2017 Elsevier Ltd. All rights reserved

Ten years of the horse reference genome: insights into equine biology, domestication and population dynamics in the post-genome era.

The horse reference genome from the Thoroughbred mare Twilight has been available for a decade and, together with advances in genomics technologies, has led to unparalleled developments in equine genomics. At the core of this progress is the continuing improvement of the quality, contiguity and completeness of the reference genome, and its functional annotation. Recent achievements include the release of the next version of the reference genome (EquCab3.0) and generation of a reference sequence for the Y chromosome. Horse satellite-free centromeres provide unique models for mammalian centromere research. Despite extremely low genetic diversity of the Y chromosome, it has been possible to trace patrilines of breeds and pedigrees and show that Y variation was lost in the past approximately 2300 years owing to selective breeding. The high-quality reference genome has led to the development of three different SNP arrays and WGSs of almost 2000 modern individual horses. The collection of WGS of hundreds of ancient horses is unique and not available for any other domestic species. These tools and resources have led to global population studies dissecting the natural history of the species and genetic makeup and ancestry of modern breeds. Most importantly, the available tools and resources, together with the discovery of functional elements, are dissecting molecular causes of a growing number of Mendelian and complex traits. The improved understanding of molecular underpinnings of various traits continues to benefit the health and performance of the horse whereas also serving as a model for complex disease across species

Machine planning in a product model environment

The aim of this research was to understand and solve problems associated with the integration of a Machine Planner within a product model environment. This work was carried out in conjunction with other researchers, pursuing parallel integration issues related to pre-production proving and product data representation. Product data representations of component level planned, processes and feature level process data have been explored as sub-sets of -a product data model to aid integration. Geometric queries on a cell decomposition solid, model. have been explored as a means of providing feature geometric interaction data, while the dimensional interactions between features have also been addressed. Product data representations have been modelled using a prototype software tool, providing an environment for the exploration of the integration of a Machine Planner using a feature based design approach. Necessary Machine Planning functions have been implemented, using the ADA programming language, to explore the integrating capability of the product model environment, concentrating on the use of a prismatic benchmark component. Using the experimental implementation, setup and operation plans have been produced and machining part programs generated from product model representations of variants on the benchmark component. These have been successfully machined using a3 axis vertical machining centre. Such experiments, as well as others in conjunction with co-researchers, have shown that a product data model can provide a common base of data for the integration of a range of design and manufacturing activities

Common operation scheduling with general processing times: A branch-and-cut algorithm to minimize the weighted number of tardy jobs

Common operation scheduling (COS) problems arise in real-world applications, such as industrial processes of material cutting or component dismantling. In COS, distinct jobs may share operations, and when an operation is done, it is done for all the jobs that share it. We here propose a 0-1 LP formulation with exponentially many inequalities to minimize the weighted number of tardy jobs. Separation of inequalities is in NP, provided that an ordinary min Lmax scheduling problem is in P. We develop a branch-and-cut algorithm for two cases: one machine with precedence relation; identical parallel machines with unit operation times. In these cases separation is the constrained maximization of a submodular set function. A previous method is modified to tackle the two cases, and compared to our algorithm. We report on tests conducted on both industrial and artificial instances. For single machine and general processing times the new method definitely outperforms the other, extending in this way the range of COS applications